A week after federal government researchers announced that they had found traces of dioxin in Ontario milk packaged in cardboard cartons, representatives of the Canadian pulp-and-paper industry said that producers will spend up to $500 million over the next two years to eliminate sources of dioxin in their products.
MORRIS SWALLOWS KRAFT
The U.S. merger boom continued as food conglomerate Kraft Inc. agreed to a $15.7-billion buy-out by cigarette manufacturer Philip Morris Cos. Inc. The total value of mergers and acquisitions in the United States in the first nine months of this year reached a record $237 billion.
MAXWELL TAKES MACMILLAN
After months of resisting, Macmillan Inc. of New York City has agreed to accept British publisher Robert Maxwell's $3billion offer for the giant publishing and information firm.
Canadian house prices will rise by six per cent next year to a nationwide average of $135,300, according to a survey released by realtor Royal LePage Ltd.
The Conference Board of Canada predicted that economic growth in the Prairies will fall off dramatically next year because of falling oil prices and the effects of this year’s drought on grain crops.
SKYSCRAPER FOR SALE
Sears Roebuck and Co. announced that it will sell its 110-storey Chicago headquarters—the world’s tallest building—as part of a major corporate restructuring. The sale is expected to yield up to $2.16 billion for the giant retailer.
SOVIET FISCAL FOLLIES
Soviet economic planners said that they hope to avoid major increases in consumer prices next year despite the fact that the government is trying to reduce a $67billion budget deficit. The Soviet government also wants to avoid confrontations over increased prices.
CAMPEAU RATE INCREASE
In an effort to attract investors, Federated Department Stores Inc. has increased the interest rate on a $900-million bond offering to 17.75 per cent from 14 per cent. The money is needed to help finance Toronto real estate magnate Robert Campeau’s $ 1.38-billion takeover of Federated last May.
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